Nexxen International (NASDAQ:NEXN) Stock Rating Lowered by Zacks Research

Key Points

• Zacks Research downgraded Nexxen International from “strong buy” to “hold,” although the broader analyst consensus remains “Moderate Buy,” with an average price target of $12.89.
• Nexxen shares opened down 2.8% at $8.63, below the average analyst target. The company recently exceeded quarterly expectations, reporting $0.23 in EPS versus $0.20 expected and revenue of $100.52 million versus $93.09 million forecast.
• Insiders sold 157,327 shares worth approximately $1.49 million over the past 90 days, while institutional investors own 54.24% of the company and several funds recently established or increased positions.

Nexxen International (NASDAQ:NEXN - Get Free Report) was downgraded by equities researchers at Zacks Research from a "strong-buy" rating to a "hold" rating in a research report issued on Tuesday, Zacks reports.

Several other brokerages also recently issued reports on NEXN. BTIG Research increased their price target on Nexxen International from $10.00 to $13.00 and gave the company a "buy" rating in a report on Wednesday, August 12th. Canaccord Genuity Group upped their target price on Nexxen International from $11.00 to $13.00 and gave the stock a "buy" rating in a research report on Thursday, August 13th. Raymond James Financial increased their target price on Nexxen International from $9.00 to $11.00 and gave the company an "outperform" rating in a research note on Wednesday, June 17th. Needham & Company LLC raised their target price on Nexxen International from $10.50 to $13.00 and gave the company a "buy" rating in a report on Wednesday, August 12th. Finally, Royal Bank Of Canada raised their target price on Nexxen International from $11.00 to $13.00 and gave the company an "outperform" rating in a report on Thursday, August 13th. Nine investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Nexxen International has an average rating of "Moderate Buy" and an average price target of $12.89.

Nexxen International Trading Down 2.8%

Shares of NEXN opened at $8.63 on Tuesday. Nexxen International has a fifty-two week low of $5.60 and a fifty-two week high of $11.30. The company has a market capitalization of $491.48 million, a PE ratio of 39.23 and a beta of 1.60. The stock has a fifty day moving average of $9.92 and a two-hundred day moving average of $8.62. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.26 and a current ratio of 1.26.

Nexxen International (NASDAQ:NEXN - Get Free Report) last announced its quarterly earnings data on Thursday, August 13th. The company reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.03. The business had revenue of $100.52 million for the quarter, compared to analyst estimates of $93.09 million. Nexxen International had a net margin of 3.41% and a return on equity of 7.03%. As a group, analysts forecast that Nexxen International will post 0.73 EPS for the current year.

Insider Buying and Selling at Nexxen International

In other Nexxen International news, Director Daniel Kerstein sold 11,000 shares of the stock in a transaction on Monday, August 17th. The shares were sold at an average price of $10.38, for a total transaction of $114,180.00. Following the sale, the director directly owned 34,678 shares of the company's stock, valued at approximately $359,957.64. This represents a 24.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Sagi Niri sold 68,886 shares of Nexxen International stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $9.08, for a total transaction of $625,484.88. Following the completion of the transaction, the chief financial officer directly owned 381,856 shares of the company's stock, valued at $3,467,252.48. This trade represents a 15.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 157,327 shares of company stock worth $1,493,662 over the last 90 days.

Hedge Funds Weigh In On Nexxen International

A number of large investors have recently bought and sold shares of NEXN. Public Employees Retirement System of Ohio bought a new position in shares of Nexxen International during the second quarter valued at approximately $826,000. Brandywine Trust Co. acquired a new stake in shares of Nexxen International during the 2nd quarter worth approximately $143,000. GAMMA Investing LLC boosted its position in Nexxen International by 69.5% during the 2nd quarter. GAMMA Investing LLC now owns 16,496 shares of the company's stock valued at $149,000 after purchasing an additional 6,764 shares during the period. Legato Capital Management LLC grew its stake in Nexxen International by 23.8% during the 4th quarter. Legato Capital Management LLC now owns 25,028 shares of the company's stock worth $164,000 after buying an additional 4,815 shares during the last quarter. Finally, Pinnacle Holdings LLC acquired a new stake in Nexxen International in the second quarter worth $42,000. Institutional investors own 54.24% of the company's stock.

About Nexxen International

Nexxen International Ltd. is a global advertising technology company that provides solutions for advertisers, advertising agencies, publishers and media owners. Its platform supports the planning, buying, delivery and measurement of digital advertising campaigns across connected television, streaming video, online video, display, mobile and other digital media channels.

The company offers data-driven audience targeting, programmatic media buying, campaign optimization, creative and interactive advertising formats, and measurement and attribution services.

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